Korea prevails in $196 mil. investor-state dispute against Chinese investor
An ad hoc committee of the International Center for Settlement of Investment Disputes (ICSID) rejected a Chinese investor's bid to overturn an earlier award in favor of the Korean government in an investor-state dispute worth 264.1 billion won ($196 million), the justice ministry said Sunday. The ICSID ad hoc committee dismissed Chinese investor Fengzhen Min's annulment application in its…
The International Center for Settlement of Investment Disputes (ICSID) has ruled against a Chinese investor in a $196 million investor-state dispute against the Korean government, according to The Korea Times. The ad hoc committee dismissed Fengzhen Min's application to overturn an earlier award in the investor-state dispute, which involved loans Min received from a Korean bank for an office building in Beijing.
The committee also ordered Min to pay the Korean government approximately 1.51 million won in costs for the annulment proceedings, plus interest. The decision supports the principle that investments made in violation of domestic law are not entitled to protection under the investor-state dispute settlement (ISDS) system.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
